New home construction starts rose sharply in November. This chart compares single family homes to multi family units. The divergence in permits between the single family and multi family markets continued in November as expected. Given the near-record number of multi family units already under construction, permits should remain muted for some time. The total number of units under construction, 1,674,000 continued to hover close to a record high. The persistently elevated level of units under construction has been driven more by multi family units, while single family has cooled from the recent peak in May 2022. Thank you to https://twitter.com/Econ_Parker for the research and chart.
